October 31, 2023
In a recent strategy session, crypto analyst Jason Pizzino shared his insights on when Bitcoin (BTC) could reach its next all-time high. Pizzino, who has a substantial following on YouTube, highlighted the historical correlation between Bitcoin's performance and that of the S&P 500.
Pizzino pointed out that Bitcoin has typically entered bear markets and accumulation phases after the S&P 500 has reached its peak. Currently, with the S&P 500 below its all-time high and potentially consolidating within the 4,400 to 3,700 range, Pizzino predicts that the S&P 500 may recover and set new highs in the next eleven months. This recovery could also propel Bitcoin to new heights.
Based on his analysis, Pizzino estimates that by September 2024, the S&P 500 will have already made new highs, and Bitcoin could be targeting the $70,000 level once again. He emphasized that historically, the S&P 500 has reached new all-time highs while Bitcoin has been below its own peak. As of now, Bitcoin is trading at $34,318.
Considering the historical patterns and the current market conditions, Pizzino suggests that Bitcoin may have around 11 months left in its accumulation period before breaking out of its previous all-time high. While these estimates are subject to macrocycles and some tolerance in the numbers, Pizzino believes that Bitcoin could surpass $60,000 or even $70,000 by the second half of 2024.
Investors and enthusiasts should keep an eye on the correlation between Bitcoin and the S&P 500. Understanding the historical patterns can provide valuable insights into Bitcoin's future performance. As always, it is essential to conduct thorough research and exercise caution when making investment decisions in the volatile cryptocurrency market.